Banks
Statistical Area - sa2

Banks is positioned among the lower quartile of areas assessed nationally for population growth based on AreaSearch's assessment of recent, and medium term trends

As of November 2025, Banks' population is approximately 5,013, a decrease of 87 people from its 2021 Census figure of 5,100. This decline reflects an estimated resident population of 5,008 in June 2024 and the addition of 3 validated new addresses since the Census date. The population density is around 2,228 persons per square kilometer, higher than the average across national locations assessed by AreaSearch. While Banks experienced a 1.7% decline since the census, the SA3 area grew by 0.2%, indicating differing population trends. Natural growth contributed approximately 82.2% of overall population gains during recent periods. AreaSearch uses ABS/Geoscience Australia projections for each SA2 area, released in 2024 with a base year of 2022, and ACT Government's SA2 area projections for years post-2032.

According to these projections, the area's population is expected to decrease by 265 persons by 2041, but specific age cohorts like the 65 to 74 group are projected to grow, with an increase of 73 people anticipated in this cohort.

The level of residential development activity in Banks is very low in comparison to the average area assessed nationally by AreaSearch

Banks has averaged approximately one new dwelling approval per year. Over the past five financial years, from FY21 to FY25, 6 homes were approved, with 0 approved so far in FY26.

The area's population decline has been accompanied by adequate development activity relative to its circumstances, which is positive for buyers. New properties are constructed at an average expected construction cost of $284,000. Compared to the Australian Capital Territory, Banks has significantly less development activity, 90.0% below the regional average per person. This scarcity typically strengthens demand and prices for existing properties, reflecting the area's established nature and suggesting potential planning limitations. Recent development has been entirely comprised of detached houses, preserving the area's suburban character and attracting space-seeking buyers, with new construction favouring detached housing more than current patterns suggest (79.0% at Census).

Banks reflects a highly mature market, with around 5017 people per dwelling approval. Given stable or declining population forecasts, the area may experience less housing pressure, creating favourable conditions for buyers.

Banks has moderate levels of nearby infrastructure activity, ranking in the top 50% nationally

No factors influence an area's performance more than changes to local infrastructure, major projects, and planning initiatives. AreaSearch has identified zero projects expected to impact this area. Key projects include Southquay Greenway Stage 2 - Block 1 Section 80 Public Housing, Lanyon Marketplace Improvements, Monaro Highway Safety Upgrades, and Big Canberra Battery (Williamsdale BESS). Below is a list of those most likely to be relevant.

Professional plan users can use the search below to filter and access additional projects.

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Employment conditions in Banks remain below the national average according to AreaSearch analysis

Banks has a skilled workforce with essential services sectors well represented. Its unemployment rate was 4.0% in the past year, with an estimated employment growth of 1.2%.

As of June 2025, 3,090 residents are employed, while the unemployment rate is 0.6% higher than the Australian Capital Territory's rate of 3.4%. Workforce participation in Banks is 77.2%, compared to the Australian Capital Territory's 69.6%. The leading employment industries among residents are public administration & safety, health care & social assistance, and construction. Construction shows particularly strong specialization with an employment share of 1.5 times the regional level.

However, professional & technical employs only 6.4% of local workers, below the Australian Capital Territory's 11.1%. The area appears to offer limited local employment opportunities, as indicated by the count of Census working population vs resident population. Between June 2024 and June 2025, employment increased by 1.2%, while labour force increased by 1.6%, causing the unemployment rate to rise by 0.3 percentage points. In comparison, Australian Capital Territory recorded employment growth of 1.9% with a slight fall in unemployment. Jobs and Skills Australia's national employment forecasts from May 2025 suggest that national employment is projected to expand by 6.6% over five years and 13.7% over ten years. Applying these projections to Banks's employment mix suggests local growth of approximately 6.1% over five years and 12.6% over ten years, though these are simple extrapolations for illustrative purposes only.

The economic profile demonstrates exceptional strength, placing the area among the top 10% nationally based on comprehensive AreaSearch income analysis

Banks's median income among taxpayers was $68,593 in financial year 2022. The average income stood at $75,485 during the same period. In comparison, the Australian Capital Territory had median and average incomes of $68,678 and $83,634 respectively. Based on a 13.6% increase in wages as per the Wage Price Index from financial year 2022 to September 2025, estimated current figures would be approximately $77,922 (median) and $85,751 (average). According to the 2021 Census, Banks's household, family, and personal incomes rank between the 88th and 89th percentiles nationally. In Banks, 37.0% of individuals earn between $1,500 and $2,999 per week, which is similar to the metropolitan region where 34.3% fall into this bracket. The area exhibits affluence with 37.0% earning over $3,000 per week, supporting premium retail and service offerings. Housing accounts for 14.6% of income. Banks's residents rank within the 89th percentile for disposable income, and the area's SEIFA income ranking places it in the 6th decile.

Banks is characterized by a predominantly suburban housing profile, with ownership patterns similar to the broader region

Dwelling structure in Banks, as evaluated at the latest Census, comprised 79.1% houses and 21.0% other dwellings. In comparison, Australian Capital Territory had 79.6% houses and 20.4% other dwellings. Home ownership in Banks was 21.9%, with 60.0% of dwellings mortgaged and 18.1% rented. The median monthly mortgage repayment was $2,000, aligning with Australian Capital Territory's average, while the median weekly rent figure was $424, compared to Australian Capital Territory's $2,000 and $425 respectively. Nationally, Banks' mortgage repayments were higher than the Australian average of $1,863, with rents substantially above the national figure of $375.

Banks features high concentrations of family households, with a higher-than-average median household size

Family households account for 78.8% of all households, including 41.0% couples with children, 23.4% couples without children, and 14.1% single parent families. Non-family households make up the remaining 21.2%, with lone person households at 19.8% and group households comprising 1.4%. The median household size is 2.8 people, larger than the Australian Capital Territory average of 2.6.

The educational profile of Banks exceeds national averages, with above-average qualification levels and academic performance metrics

The area's university qualification rate stands at 22.9%, significantly lower than the SA4 region average of 46.8%. Bachelor degrees are most common among qualifications, at 15.3%, followed by postgraduate qualifications (4.5%) and graduate diplomas (3.1%). Vocational credentials are held by 38.8% of residents aged 15 and above, with advanced diplomas at 12.3% and certificates at 26.5%. Current educational participation is high, with 30.5% of residents enrolled in formal education.

This includes 10.8% in primary education, 8.8% in secondary education, and 3.6% pursuing tertiary education. Educational facilities appear to be located outside the immediate catchment boundaries, requiring families to access schools in neighboring areas.

Transport servicing is moderate compared to other areas nationally based on assessment of service frequency, route connectivity and accessibility

Transport analysis shows 28 active stops operating within Banks. These are mixed-use bus stops serviced by four routes offering 391 weekly passenger trips. Transport accessibility is rated excellent with residents located an average of 151 meters from the nearest stop.

Service frequency averages 55 trips per day across all routes, equating to approximately 13 weekly trips per individual stop.

Banks's residents are relatively healthy in comparison to broader Australia with the level of common health conditions among the general population somewhat typical, though higher than the nation's average among older cohorts

Banks's health metrics are close to national benchmarks, with levels of common health conditions among its general population being somewhat typical but higher than the national average among older cohorts.

The rate of private health cover is very high at approximately 57% of the total population (~2,862 people). The most common medical conditions in the area are mental health issues and asthma, impacting 10.3% and 8.7% of residents respectively, while 68.7% declare themselves completely clear of medical ailments compared to 66.1% across Australian Capital Territory. As of June 20XX, 10.8% of residents are aged 65 and over (540 people), which is lower than the 17.6% in Australian Capital Territory. Health outcomes among seniors present some challenges requiring more attention than the broader population.

The level of cultural diversity witnessed in Banks was found to be above average when compared nationally for a number of language and cultural background related metrics

Banks has cultural diversity above the average, with 18.6% of its population born overseas and 15.3% speaking a language other than English at home. Christianity is the main religion in Banks, comprising 45.9%. However, Judaism is overrepresented at 0.2%, compared to 0.1% in Australian Capital Territory.

The top three ancestry groups are Australian (28.0%), English (26.1%), and Other (9.6%). Notably, Spanish (1.1%) Polish (1.1%) and Croatian (1.1%) ethnicities are overrepresented compared to regional averages of 0.7%, 0.8% and 0.8% respectively.

Banks's population is younger than the national pattern

The median age in Banks is 35 years, matching the Australian Capital Territory figure but slightly lower than Australia's median age of 38 years. Compared to the ACT, Banks has a higher proportion of residents aged 45-54 (14.2%) but fewer residents aged 25-34 (14.4%). Between the 2021 Census and the current time, the population of Banks aged 65-74 has grown from 5.3% to 6.7%. Conversely, the proportion of residents aged 5-14 has decreased from 15.0% to 13.8%, and the 45-54 age group has dropped from 15.2% to 14.2%. By 2041, population forecasts indicate significant demographic changes in Banks. The 65-74 age cohort is projected to grow by 17%, adding 57 residents to reach a total of 391. This growth will be driven entirely by the aging of existing residents aged 65 and older. Meanwhile, the 55-64 and 45-54 cohorts are expected to experience population declines.